The Spanish utility has signed a deal with Inveravante to co-invest in two solar thermal power plants in southern Spain.

Grupo Ibereolica and Inveravante, a privately owned energy, finance and real estate conglomerate founded in early 2007, have signed an agreement for the joint construction of two 50MW CSP plants, one in Seville, Andalucia, and the other in Badajoz, Extremadura..

With €600 million investment, these are the first two solar projects of a total of eight which the company plans to build and operate in Spain.

Construction on the two 50MW plants will start immediately. Partners in the venture say they have secured all the permits and authorisations needed for the proposed solar plants that will utilize parabolic trough technology.

They are also prepared for future upgrading to salt storage and biomass hybridisation in order to increase production significantly during the night. Additionally, the agreement contemplates for Inveravante to replicate the same mechanism on two additional plants.